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Hardik

Hardik Parikh  | Answer  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 25, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
A Question by A on Jul 24, 2023Hindi
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Money

Dear Sir Greetings!! I am an NRI. I have taken a housing loan from my NRE account. I have income from Indian sources for which I need to file my IT returns which I am doing every year. However during the previous year 2022-23 I purchased a property where my family is staying. I have taken housing loan for the said property through NRE account. Is it necessary to show the interest and principal paid in my tax return under Income from House Property? Your guidance will be highly helpful to file my return. Thanks in advance. A V Rajan

Ans: Dear Mr. Rajan,

Greetings! I hope you're doing well.

To answer your question, as an NRI who has taken a housing loan from your NRE account, you can indeed claim tax deductions on the interest and principal paid for the property.

Under the Indian Income Tax Act, you can claim deductions under Section 80C for the principal repayment of your home loan, up to a maximum limit of Rs 1.5 lakhs. Additionally, you can also claim deductions under Section 24(b) for the interest paid on your home loan, up to a limit of Rs 2 lakhs.

However, please remember that these deductions can only be claimed if you have taxable income in India. Since you mentioned that you have income from Indian sources and you file your IT returns every year, you should be able to avail these benefits.

I hope this information helps you in filing your tax return.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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